Credit Analysis Reports - Category: Infrastructure & Utilities
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Rating action        MARC Ratings has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM40.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and its RM350.0 million outstanding guaranteed IMTN at AAAIS(fg).The outlook on the ratings is stable. RationaleThe AAIS  rating reflects the favourable terms under the power purchase agreement (...


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Rating action     MARC Ratings has affirmed its AAIS rating to Kimanis Power Sdn Bhd’s (KPSB) outstanding RM585.0 million Sukuk Programmes (sukuk). The rating outlook is stable.Rationale     The rating affirmation reflects KPSB’s steady cash flow generation attributed to the consistent performance of its plant to exceed the minimum requirements under the Power Pur...


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Rating action     MARC Ratings has assigned a preliminary rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) proposed sukuk programme of up to RM5.5 billion. The rating outlook is stable.Rationale     The assigned rating reflects the strength and the proven revenue-generating capacity of ALR’s portfolio of matured highways in the Klang Valley, the healthy f...


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Rating action        MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.32 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, a 100% indirectly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Prai operates a 1,071.43MW combined-cycle gas turbine (CCGT) power plant (comprisin...


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Rating action     MARC Ratings has assigned a rating of AAAIS to TNB Power Generation Sdn Bhd’s (TPGSB) proposed sukuk programme of up to RM10.0 billion. The rating carries a stable outlook.Rationale     TPGSB is a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB) (AAA/Stable) and was incorporated as part of the TNB group’s transformation plan that includes ...


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Rating actionMARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah with a stable outlook. As at end-March 2022, the outstanding sukuk stood at RM215.0 million.RationaleThe rating is primarily driven by Sinar Kamiri’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under whic...


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Rating action     MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) Sukuk Wakalah Programme of up to RM1.0 billion, with a stable outlook.Rationale     The affirmed rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work compl...


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Rating action     MARC Ratings has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook has been revised to positive from stable.Rationale     The outlook revision factors in PTP’s steadily improving credit profile, reflected by stronger cash flow generation t...


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Rating action     MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. The total outstanding sukuk stood at RM855.0 million as at end-January 2022. Rationale     The rating affirmation reflects the strength of the p...


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Rating action     MARC Ratings has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion. The rating outlook is stable. The rating on PLSUKE’s Danajamin-guaranteed Facilities of up to RM500.0 million has also been affirmed at AAAIS(fg)/stable rating on based on long-term counterparty credit rati...


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